Truist Financial Corporation announced it will introduce Truist One Banking, a first-of-its-kind approach to the checking account experience designed to address clients' direct feedback. Available this summer, the approach includes two new personal checking accounts with no overdraft fees and an innovative deposit-based line of credit, available to all eligible clients, that does not rely on traditional credit scores for qualification. In addition, Truist will discontinue returned item, negative account balance, and overdraft protection transfer fees in the coming months for all existing personal accounts.

Available this summer, the Truist One checking account will include features such as: No overdraft fees, A $100 negative balance buffer for qualifying clients, An easily accessible deposit-based line of credit, up to $750 (available to all eligible clients), Premium rewards that instantly recognize relationships and honor loyalty, In addition, Truist will offer an alternative checking account product for clients who want simplicity and control without overdraft fees. This new product, also available this summer, will help clients avoid high fees from check cashing and payday lenders, bring many more households into mainstream banking, and create a pathway to upgrade to Truist One. Truist's new deposit products address clients' biggest challenges, including point-of-sale declined purchases, a lack of access to short-term credit to bridge unexpected shortfalls, and the real-world impacts of unexpected fees.

For clients who frequently face overdraft challenges, Truist will actively partner to offer help and share consultative advice regarding these new offerings. These changes, along with the client benefits from the new accounts announced now, will result in an estimated annual client savings of $300 million by 2024. Existing clients will benefit from the elimination of most overdraft-related fees beginning in the coming months, followed by additional client savings over time as more clients choose Truist One following its summer rollout.